Hi,
Apologies for the long thread at first. I have questions about contributing while working and living in USA.
- We all are Canada Citizens and US Tax Residents
- Work and live in USA for the past 3 years plus.
- Work on TN visa and a family of 4.
- Me and my wife has RRSP accounts (untouched after moving to USA).
- Kids don't have RESP and RRSP yet.
- All RRSP accounts are in cash. This question is not related to distribution of earnings and its related taxes.
- We have over 20K room in RRSP. Say, this means we can contribute this amount as pre-tax dollars if you are Canadian and living in Canada.
- RRSP contributions are pre-tax dollars and can save. Same with RESP, which is for kids.
- TFSA is another vehicle but it is after tax contribution. For this my understanding is that we cannot contribute as non-resident, as per Canada emigrants rules. This is clear I cannot contribute to TFSA.
- I am filing taxes only in USA and nothing in Canada. i.e., I file 1040 and state returns only in USA and nothing in Canada.
Questions are related to RRSP and RESP contributions from USA: Since we are making money in USA,
- Can I contribute to our Canadian RRSP accounts i.e., pre-tax dollars to get Tax benefits in USA?
- similarly can I contribute to my kids Canadian RESP accounts i.e., pre-tax dollars to get Tax benefits in USA?
PS: Please DONT say that this has to be posted in Canada TurboTax forums. They don't understand the US tax. There is no TT cross border forums.
Thanks in advance
SSV
